As the economy continues to falter, many people are finding it harder and harder to keep up with their bills. As they fall behind on their payments, they damage their credit ratings, creating even more financial turmoil in their lives.

There are some estimates that almost half of all consumers have credit scores that are below 600, which puts them in the “sub-prime” category. Those consumers then face higher interest rates when they apply for loans, as their falling credit scores worry potential lenders.
But even if you have damaged credit, you can still qualify for an auto loan, known in the industry as a bad credit car loan or auto loans for low credit borrowers.

Actually a car loan is one of the best places to repair your credit score. That’s because there are lots of lenders who specialize in bad credit car loans and auto loans for low credit borrowers. Why? Because it’s a profitable market — the interest rates on these loans are higher — and the loans are backed by collateral: The car you are buying. The lender knows that if circumstances change and you can’t make your car payment, they can repossess the car and sell it to someone else to get their money back.

When looking for a bad credit car loan or auto loan for low credit borrowers, a great place to start is LoanexFastCash.com. There you can find what you need to know, as well as get quotes from lenders around the country who want to do business with you.

How To Qualify for a Bad Credit Auto Loan
There are some basic requirements lenders are looking for:

• You must be at least 18 years of age;
• You must have an income of at least $1,500 a month;
• You must have a steady job and be able to produce several months of pay stubs;
• You must have rent receipts or a utility bill in your name; and
• You must be able to get automobile insurance;

Make your case

• When you begin the process of apply for a bad credit or an auto loan for low credit borrowers, make it easy for the lender to say yes. A few tips:
• Pull your credit report so you can see what the potential lender will see. Add notes to the credit report explaining what happened to damage your credit score.
• Collect documents that prove you have a stable employment history — a note from your current employer can go a long way to helping your efforts.
• Get several months worth of bank statements to show that you are managing your money much better these days.
• Have at the ready all the things the lender is going to want to see, including your driver’s license, proof of insurance, Social Security number, proof of residence (your rental agreement or mortgage), current utility bills, and bank information.

By being prepared, you can smooth the way to getting a bad credit car loan or auto loan for low credit borrowers. You can also smooth the way by going to LoanexFastCash and letting the power of the Internet work in your favor to get the car of your dreams!